I think the market tops out when NKE hits ATH. It's a DOW component.
The alternative scenario is that it formed a H&S pattern and is headed for a gap fill. I'm inclined to believe the bull scenario, and short it when it hits ATH.
No position yet, just looking for opportunities.
The alternative scenario is that it formed a H&S pattern and is headed for a gap fill. I'm inclined to believe the bull scenario, and short it when it hits ATH.
No position yet, just looking for opportunities.
Note
Appears to be forming a pennantNote
Broke upwards out of the pennant, in the green on a down day. Look for at least a double top.Note
Looks like I was right, NKE gets a double top or new ATH....Trade active
Open up a small position in next week's puts on the breakout rejection, double top. Lots of gaps underneath.Plus my futures indicators are overbought, so probably a dip next week.
Trade closed manually
Bailed on this gap fade, doesn't look like the market's gonna tank today....
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.